A recent study reveals that about 38% of crypto users from Latin America prefer Bitcoin, while another 30% actively use stablecoins pegged to the U.S. dollar. Users from Colombia are the most active buyers of cryptocurrencies in the region.
Crypto exchange Bitso analyzed the behavior of its users from the LATAM region in H2 2023. Analysts found that more than half of Latin American crypto users prefer Bitcoin and dollar-pegged stablecoins.
According to Bitso data, BTC is used by about 38% of users from Latin America. In various LATAM countries, the percentage of BTC users differs, in particular:
- Brazil — 58%;
- Mexico — 40%;
- Colombia — 38%;
- Argentina — 13%.
Stablecoins pegged to the U.S. dollar are the second preferred asset among Latin American users. Around 30% of Bitso users in the region bought USDC and USDT. But then again, the percentage of users from different LATAM countries varies, namely:
- Argentina — 60%;
- Colombia — 31%;
- Mexico — 28%;
- Brazil — 19%.
Among other popular cryptocurrencies in the region, Bitso analysts also highlighted:
- ETH, preferred by 16% of Argentines;
- XRP, preferred by 8% of Argentines and 7% of Colombians;
- Meme coins, actively purchased in Argentina, Colombia, and Brazil.
Besides, Bitso analysts found that in 2023, Colombian users expressed the highest interest in crypto. The number of Colombians registered on the trading platform grew by 60% YoY. The similar indicator in other LATAM countries doesn’t exceed 20%.
Latin America has one of the fastest crypto adoption rates, with more than 60% of the region’s trading volume going through CEXs and conducted via stablecoins.
